SÜSS MicroTec (SMHN) Q1 2025 earnings summary

Executive summary

• Q1 2025 sales rose 31.8% year-over-year to €123.2 million, the second-best quarter in company history, with both Advanced Backend and Photomask Solutions contributing.

• Order intake was €88.1 million, down 10.4% year-over-year after a record Q4 2024, resulting in a book-to-bill ratio of 0.72.

• Net profit from continuing operations increased 44.2% to €15.0 million; EPS up 44.4% to €0.78.

• Asia/Pacific remains the largest market, accounting for up to 83.6% of sales.

• The order book stands at €392.7 million, providing visibility for the next two to three quarters.

Financial highlights

• Gross profit margin was 37.9%, down 1.2 percentage points year-over-year, due to product/customer mix and Taiwan site ramp-up costs.

• EBIT margin improved by 0.7 percentage points to 16.6%, with EBIT at €20.4 million, and free cash flow rose to €8.9 million.

• CapEx was €1.7 million in Q1, expected to rise as Taiwan site investments accelerate.

• Cash and cash equivalents increased by €7.5 million to €143.7 million; net cash position at €130.0 million.

• Equity ratio improved to 57.1%, up from 55.9% at year-end 2024.

Outlook and guidance

• Full-year 2025 guidance confirmed: sales €470–510 million, gross margin 39–41%, EBIT margin 15–17%.

• Q1 sales and order book provide a solid basis for achieving 2025 targets.

• Macroeconomic risks have increased, especially from US tariffs, exchange rate volatility, and potential customer project delays.